Financial Data and Key Metrics Changes - In Q4 2024, the company reported revenue from continuing operations of $9.8 million, a significant increase of 265% compared to $2.7 million in the same quarter last year [24][25] - Full-year 2024 revenue from continuing operations reached $22.9 million, up 106% from $11.1 million in 2023 [28] - The net income from continuing operations for Q4 2024 was $759,000, compared to a net loss of $1.4 million in Q4 2023, marking a year-over-year improvement of approximately $2.1 million [27] - The company narrowed its loss from continuing operations for the full year 2024 to $3.3 million, an improvement from a loss of $6.3 million in 2023 [30] Business Line Data and Key Metrics Changes - The eBoost mobile charging platform generated $22.9 million in revenue for 2024, more than double the $11.1 million reported in 2023, reflecting a year-over-year growth of 106% [9][28] - The critical power segment incurred an operating loss of $1.1 million in Q4 2024, an improvement from a loss of $1.9 million in Q4 2023 [26] - The backlog for the critical power segment, including eBoost, was $19.8 million at the end of 2024, a 19% increase compared to the end of 2023 [14] Market Data and Key Metrics Changes - The company is focusing on government and quasi-government sectors, particularly in transit and school bus markets, which are driving new demand [40] - The markets with robust demand include transit buses, school buses, electric truck and van fleets, and large government and corporate fleets [18] Company Strategy and Development Direction - Following the sale of the Pioneer Custom Electrical Products unit, the company is now more focused on its critical power business, particularly the eBoost platform [7][22] - The company is expanding its product line with the launch of HomeBoost, targeting high-end residential and light commercial segments [15][16] - The company aims to diversify revenue streams and drive sustained long-term growth through innovation and market expansion [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving or surpassing the revenue guidance for 2025, reaffirming a target of $27 to $29 million [19][32] - The company is well-positioned to capitalize on the increasing need for flexible off-grid charging solutions, supported by zero debt and cash on hand of $41.6 million [18][30] - Management acknowledged potential macroeconomic uncertainties but indicated that the current demand from government clients is strong and unlikely to reverse [64] Other Important Information - The company declared a one-time special cash dividend of $1.50 per share, totaling $16.7 million, payable on January 7, 2025 [8][32] - The gross profit margin for Q4 2024 was 29%, an increase from 23% in the same quarter last year, primarily driven by the growth in the eBoost business [25][52] Q&A Session Summary Question: What is driving the strong backlog and growth in eBoost? - Management indicated that the largest customer segment is government-related, particularly for transit and school buses [40] Question: How is the service equipment mix looking for 2025? - The company expects to generate approximately $2.5 million in lease and rental revenue for 2025 [42] Question: Can you provide an update on the HomeBoost product? - Management mentioned that the HomeBoost product is being redesigned to enhance its aesthetic appeal and functionality for high-end residential and commercial users [46] Question: Should we expect gross margins to remain at 29% going forward? - Management noted that the gross margins are expected to remain stable or improve slightly, depending on the mix of product and service sales [52] Question: What is the outlook for 2025 given the strong backlog? - Management expressed confidence in the 2025 revenue guidance, indicating that the majority of the year’s revenue is already secured [57] Question: Are there any macroeconomic factors that could impact the outlook for 2025? - Management acknowledged that while macroeconomic factors could affect the overall market, the current demand from government clients is strong and committed to electric solutions [64]

Business Focus and Strategy - The company sold its Pioneer Custom Electrical Products Corp. business unit in October 2024, resulting in a focus on its Critical Power Solutions segment[14]. - The company aims to improve business processes to deliver consistency, quality, and value to customers, supporting its growth strategy[21]. Customer and Revenue Insights - For the year ended December 31, 2024, 87% of sales were to U.S. customers and 13% to Canadian customers, with the 20 largest customers representing approximately 74% of consolidated revenue[25]. - Approximately 22% of sales in 2024 were made to INF Associates, LLC, indicating reliance on key customers for revenue[26]. Revenue Backlog and Growth Opportunities - Revenue backlog as of December 31, 2024, was approximately $19,762, compared to $16,668 as of December 31, 2023, driven by increased orders for mobile EV charging solutions[27]. - The global electric vehicle market is projected to reach $803 billion by 2027, with North America estimated to reach $194 billion, reflecting a significant growth opportunity for the company[23]. Research and Development - Research and development costs for mobile EV charging solutions amounted to $1,050 in 2024, up from $885 in 2023, indicating a focus on innovation[30]. Service Network and Maintenance - The company services over 2,400 generators owned by more than 900 customers across the United States, highlighting its extensive service network[16]. - The company maintains a network of field service partners to ensure quick-response, 24/7 service capabilities for power generation equipment[16]. - The company is actively marketing preventive maintenance services to national accounts, including major retailers and telecommunications companies, to drive internal growth[19].

Financial Results - Pioneer Power Solutions, Inc. announced preliminary unaudited financial results for Q4 and full year ended December 31, 2024[5] - The press release was issued on February 19, 2025, detailing the company's financial performance[5] - The financial statements and exhibits are included in the report, with Exhibit 99.1 being the press release[7] Regulatory Information - The report is not deemed "filed" under the Securities Exchange Act of 1934, and is for informational purposes only[6] Company Information - The company is listed on the Nasdaq Stock Market under the trading symbol PPSI[3]

Group 1 - Pioneer Power Solutions (NASDAQ: PPSI) sells mobile propane-powered DC fast charging (DCFC) stations under the e-Boost brand [1] - The e-Boost stations are designed for use in remote locations and off-grid situations, providing a quick way to add range to electric vehicles [1]

Financial Results - Pioneer Power Solutions, Inc. reported financial results for Q3 2024, with a significant business update provided on November 14, 2024[2] Dividends - The company declared a one-time special cash dividend of $1.50 per share, totaling approximately $16.5 million based on current shares outstanding[4] - The dividend will be paid on January 7, 2025, to stockholders of record as of December 17, 2024, funded by proceeds from the sale of the Electrical Infrastructure Equipment segment[4]

Financial Data and Key Metrics Changes - The company reported a third quarter revenue of $6.4 million for the Critical Power Business segment, a 130% increase compared to $2.8 million in the same quarter last year [26] - Gross profit for the critical power segment was $1.5 million, resulting in a gross margin of approximately 24%, up from 16% in the prior year [27] - Operating income for the critical power segment was $211,000, a significant improvement from an operating loss of $621,000 in the same quarter last year [29] - The company updated its revenue guidance for 2024 to between $21 million and $23 million from continuing operations [30] Business Line Data and Key Metrics Changes - The e-Boost business generated approximately $3 million in revenue during the third quarter from a contract in Canada, compared to only $1 million for all of 2023 [26][27] - The total backlog for the critical power segment, including e-Boost, was approximately $24 million, a 45% increase compared to year-end 2023 [10] Market Data and Key Metrics Changes - The company expects to generate approximately $17 million in revenue from the sale and rental of equipment and over $10 million from service and maintenance in 2025 [16] - The backlog is primarily driven by school bus-related orders and municipal electric fleet orders [52] Company Strategy and Development Direction - The company plans to launch a home e-Boost product in early 2025, targeting residential and smaller commercial markets [17] - The company is exploring strategic acquisitions of businesses with at least $25 million in revenue that complement its current e-Boost platform [22] - The company aims to increase its rental revenue, budgeting $2.5 million for 2025 and targeting over $4 million in 2026 [39] Management's Comments on Operating Environment and Future Outlook - Management highlighted strong demand from municipalities and utilities for electrification of vehicle fleets, including electric buses and sanitation vehicles [36][38] - The company is confident in its ability to meet its revenue guidance for 2025, projecting revenue between $27 million and $29 million [15][30] Other Important Information - The company declared a one-time special cash dividend of $1.50 per share, payable on January 7, 2025 [8] - The company received approximately $48 million in cash from the sale of its Pioneer custom electrical products business unit [6][24] Q&A Session Summary Question: Demand drivers for 2025 - Management noted that demand is driven by repeat orders and new customer wins, particularly from government and municipal sectors [36] Question: Business model preference between rental and sales - Management expressed a preference for increasing rental agreements, especially with credit-worthy customers, while acknowledging that many municipalities prefer outright purchases [39] Question: Production capacity and expansion plans - Management indicated that they are working with subcontractors to expand capacity without significant fixed costs and do not plan to expand their current facilities [42][43] Question: Gross margins on recent orders - Management confirmed that the recent $3 million order was a sale with gross margins around 35%, which exceeded expectations due to effective subcontractor collaboration [48][49] Question: Backlog composition and customer diversity - Management stated that the backlog is primarily composed of school bus-related orders and municipal fleet orders, with contracts typically ranging from one to three years [51][52] Question: M&A targets and strategy - Management is open to potential acquisition targets that are compelling and accretive, but there is no rush to pursue them [55] Question: SG&A outlook - Management expects SG&A expenses to be around $1 million for the critical power business, with corporate overhead expected to be approximately 12% of revenue [60]

Summary of Pioneer Power Solutions, Inc. Conference Call Company Overview - **Company**: Pioneer Power Solutions, Inc. (NASDAQ:PPSI) - **Date of Call**: October 30, 2024 - **Key Participants**: Nathan Mazurek (CEO), Walter Michalec (CFO), Geo Murickan (President and CEO of Pioneer Power Mobility) [6][3] Key Industry and Company Insights Sale of PCEP Business Unit - Pioneer sold its Pioneer Custom Electrical Products Corp. (PCEP) business to Mill Point Capital for approximately **$50 million** in cash and the assumption of certain liabilities [6][10] - The sale allows Pioneer to focus on its eMobility business, which is expected to have a higher growth potential compared to the E-Bloc business [9][8] - The decision to sell was influenced by the need to avoid shareholder dilution and to finance growth without external debt [9][41] Financial Position Post-Sale - Pioneer has zero debt and has self-funded all R&D and capital expenditures since August 2019 [12] - Following the sale, Pioneer has over **$50 million** in cash on hand [12] e-Boost Business Growth - The e-Boost platform has seen significant growth, with over **19,000 unique vehicle charging sessions** and more than **600 megawatts** of sustainable off-grid power delivered [16] - The Critical Power division is projected to generate over **$20 million** in revenue for the year [16] Product Innovations - Introduction of various e-Boost products, including: - **e-Boost Mini**: Skid-based fast charging solution - **e-Boost Mobile**: Trailer-based fast charging solution - **e-Boost GOAT**: Truck-integrated DC fast charging solution - **e-Boost POD**: High-capacity charging system in a shipping container [14][20] - Launch of **HOMe-Boost**, a residential market-focused solution that operates on existing natural gas lines, expected to enter the market in early 2025 [17][19] Market Demand and Backlog - The backlog for the Critical Power division increased to **$24 million**, a **45%** increase from the previous period [22] - Demand drivers include: - Electrification of transit bus fleets - Adoption by municipalities and utilities for electrification of service vehicles [27][28] M&A Strategy - The company is exploring M&A opportunities to enhance the e-Boost segment, targeting businesses with at least **$25 million** in annual revenue that are not financially struggling [24][25] Competitive Landscape - Pioneer has established a competitive edge through R&D and customized solutions, differentiating itself from smaller startups in the market [50][51] - The company has integrated advanced monitoring and servicing technology into its products, providing added value to customers [52] Future Outlook - The company anticipates strong demand growth, with potential annual growth rates of **20-25%** for the e-Boost business [43] - Plans to provide more detailed financial guidance for 2025 in the upcoming earnings call [67] Additional Important Points - The company has been proactive in addressing market needs, including the introduction of mobile flexible power solutions for battery energy storage systems and hydrogen fueling stations [20] - The management emphasized the importance of maintaining profitability while pursuing growth [43][44] This summary encapsulates the key points discussed during the conference call, highlighting the strategic direction and financial health of Pioneer Power Solutions, Inc.

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-35212 Critical Accounting Estimates FORM 10-K ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 27-1347616 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Securities registered pursuant to Section 12(g) of the Act: None To date, no cybersecurity incident (or aggregation of incidents) or cyberse ...

Pioneer Power Solutions, Inc. (NASDAQ:PPSI) Q4 2023 Earnings Conference Call April 1, 2024 5:00 PM ET Company Participants Brett Maas - Hayden Investor Relations Nathan Mazurek - Chairman and Chief Executive Officer Walter Michalec - Chief Financial Officer Conference Call Participants Robert Brown - Lake Street Capital Markets, LLC Amit Dayal - H. C. Wainwright & Co. Andrew Parker - Horizon Kinetics LLC Operator Good afternoon, everyone. Welcome to today's Pioneer Power 2023 Fourth Quarter and Year-End Fin ...

Revenue Performance - Revenue for 2023 was $40.8 million, a 51.1% increase from $27.0 million in 2022[4]. - The company expects revenue of $52 to $54 million for 2024, indicating approximately 30% year-over-year growth, with EPS guidance of $0.31 to $0.34[15]. - Revenue from the Electrical Infrastructure segment increased by 71% in 2023, while revenue from the Critical Power Solutions segment increased by 16%[11]. - Consolidated revenue for Q4 2023 was $7.7 million, a 19% decrease from $9.5 million in Q4 2022, primarily due to order timing shifts[7]. Profitability - Gross profit reached $10.4 million, with a gross margin of 25.5%, compared to $4.6 million and 17.1% in 2022, representing a 125% increase in gross profit and an 840 basis point increase in margin[4]. - Gross profit for Q4 2023 was $1.8 million, or 22.7% of revenue, down from $2.8 million, or 29% of revenue in Q4 2022[8]. - Net income for 2023 was $138,000, or $0.01 per share, compared to a net loss of $3.6 million, or $(0.37) per share in 2022, an improvement of $3.7 million[4]. Backlog and Deliveries - Total backlog increased to $45.9 million as of December 31, 2023, up 36% sequentially from $33.6 million as of September 30, 2023[4]. - The company delivered $9 million of E-Bloc products to a major automaker and $6 million to three California water districts in 2023[6]. Tax and Losses - The company had $14.6 million of federal net operating loss carryforwards as of December 31, 2023[4].